Mahindra AMC to leverage Mahindra Finance’s wide presence to expand

Kolkata, Jan 9 (IANS) Mahindra Asset Management Company Pvt Ltd (MAMCPL) aims at expanding its presence to 80-100 cities in the next one year, by leveraging wide reach of Mahindra Finance, a top company official said on Monday.

“Mahindra Finance has presence in 1200 cities and 2.5 lakh villages across the country. We want to leverage this wide presence for expanding our reach. Currently, we are present in 40 cities. We aim at expanding our footprints to 80-100 cities in the next one year,” said company’s CEO and Managing Director Ashutosh Bishnoi.

“We are aiming at Rs 5,000-6,000 crore asset under management in the next two years,” he said after launching a new open-ended equity scheme here.

The fund house currently has Rs 1600 crore asset under management (AUM).

Post demonetisation, the asset management company, which is the investment manager to Mahindra Mutual Fund and the wholly owned subsidiary of Mahindra Finance, sees an opportunity with increasing number of bank accounts and huge of cash deposited in banks.

Bishnoi said cash in hand in rural areas was affected due to demonetisation but the income was not affected for the prospective mutual fund customers. More people were opening their accounts which could ease mutual fund payment procedure, he added.

The company also expected that online payment towards mutual fund could get a fillip if the new digital payments app named BHIM-Bharat Interface for Money-after Babasaheb Dr. Bhimrao Ambedkar – is accepted widely and gains popularity, he added.